TO5202 - Economic Decision-Making in the Hospitality Industry

This subject provides an overview of economic change in the hospitality industry. Over a period of time economic forces have resulted in a gradual concentration of large global and national corporations in the market. However, the small to medium-sized sector remains viable with many entrepreneurs surviving and succeeding despite the prevailing economic climate. This subject provides students with a range of economic concepts and techniques to enable an understanding of economic fluctuations and trends and their impact on the firm. The content is broadly divided into areas of basic economic approaches and the hospitality market; broad economic structures and trends; and competition and hospitality business development.

Learning Outcomes

• understand the economic structure and trends of the hospitality sector and their impact on organizations;
• understand the process of production in the hospitality industry;
• apply a range of economic analyses upon which decisions can be made;
• understand the nature of economic decision-making.

Note: Minor variations might occur due to the continuous Subject quality improvement process, and in case of minor variation(s) in assessment details, the Subject Outline represents the latest official information.